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S&P 500 Price Analysis – May 24
In case the support level of $3927 is defended by the bulls, price may face resistance levels at $4019, $4087 and $4137 levels. S&P 500 retested the previous low at $3927 support level, and further decrease in price may reach $3832 and $3740 support levels.
Key levels:
Resistance levels: $4019, $4087, $4137
Support levels: $3927, $3832, $3740
S&P 500 Long-term trend: Bearish
S&P 500 is bearish on the daily chart. Last week, the price was trying to climb higher by the buyers’ pressure but the sellers would not. The price tested the resistance level of $4087 on 17 May, the sellers defended the mentioned level with the formation of strong bearish candle. The price decline, the $4019 level was penetrated downside and the support level of $3922 was reached.
S&P 500 is trading below the 9 periods EMA and the 21 periods EMA at close contact which connote a decrease in the bears’ pressure. The relative strength index period 14 is at 40 levels with the signal lines pointing up to indicate buy signal. In case the support level of $3927 is defended by the bulls, price may face resistance levels at $4019, $4087 and $4137 levels. S&P 500 retested the previous low at $3927 support level, and further decrease in price may reach $3832 and $3740 support levels.
S&P 500 Medium-term Trend: Bearish
S&P 500 is on the bearish trend on the 4-hour chart outlook. Price is risen as the bulls’ momentum increases. The bears’ pressure is failing gradually as the price breaks up the dynamic resistance level of 9 EMA. The price bounced up when it tested the support level of $3927. Bullish movement may commence.
The price is trading slightly above the 9 periods EMA and 21 periods EMA as an indication of bullish movement. The relative strength index period 14 is at 46 levels displaying bullish signal.
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